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Tax Inspector - Large and Specialised Taxpayer Office (LSTO) Direct Taxes Mining Audit Zambia Revenue Authority. Mar 2019 – Present 1 year 7 months. Lusaka. Auditor in Direct taxes Specialising in Audit of Mining Companies . Administering audits in the following tax types : Corporate Income Tax, PAYE, Mineral Royalty and Property Transfer ...
This case study outlines some steps that Zambia has taken to improve revenue collection from the mining sector, with support from the African Tax Administration Forum (ATAF), the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF), and the Organisation for Economic Co-operation and Development (OECD).
Jul 29, 2016· The geology of Zambia shows "great potential for further investment in mining", but this has been "undermined" by significant instability in the fiscal regime, particularly during 2015 with a proposed high Mineral Royalty Tax.
c. Mining right or interest granted under the Mines and Minerals Development Act. The rate of tax for property transfer tax in Zambia is 10%. Zambia Inheritances And Donations. Estate duty was abolished. There is no gift tax in Zambia. Zambia Double Tax Treaties
Sep 23, 2019· Professor Oliver Saasa of Premier Consult and Shebo Nalishebo of The Zambia Institute for Policy Analysis and Research (ZIPAR) say Zambia has the highest tax burden, by a comfortable margin, of all comparable mining countries, and that under the new fiscal regime for the mining sector, the effective tax rate – the average rate at which pre-tax profits are taxed – would vary between 86.3% and 105.
Jul 20, 2020· By repealing its tax treaty with Mauritius at the end of June, Zambia wants to prevent the country's multinational mining companies, such as Glencore, First Quantum or Vedanta, from avoiding local - 20/07/2020
Jul 20, 2020· It is also in Mauritius that Mark Bristow, CEO of the mining giant Barrick Gold Corp that owns the Lumwana mines, spends most of his time. In addition, Zambia has about 20 other tax treaties with various countries, including the United Kingdom, the Netherlands, Ireland and Switzerland, all known for their light tax and legal regimes, and Canada.
It also means the Zambia Revenue Authority will need to be capacitated in many ways to engage productively with mining companies, whose position is clear: .
Zambia's planned mining royalty increases could lead to more than 21,000 job losses and operators cutting $500 million in capital spending over the next three years, the Chamber of Mines has warned.
Zambia principally operates a source-based system for the taxation of income. Income deemed to be from a Zambian source is generally subject to Zambian income tax. However, the residence of a person/entity in Zambia will widen the scope of taxation to include interest and .
The Zambia Chamber of Mines—the mining industry association—supports the proposed tax regime and had initially proposed the idea of a price-based royalty. 3 However, industry watchdogs Publish What You Pay Zambia and Zambia Tax
The Zambian Mining Magazine is a premier source of news on mining developments in Zambia's most important industry. Monday, August 31 2020. ... and production have become a difficult task for the mining sector amid the COVID-19 pandemic and an unfavourable mining tax code, but FQM has so far achieved mostly positive results Global mining giant ...
Jul 04, 2016· The chart below compares the estimated tax burden of the new and old Zambian mining tax regimes, as well as that imposed by the mining tax regimes of other major copper-producing countries. The chart includes estimates for low-cost and a high-cost mining project to represent the range of typical projects found in Zambia.
For 2 decades, Zambia's mining sector has experienced significant foreign interest and investment driven mainly by the privatization of state-owned Zambia Consolidated Copper Mines ("ZCCM"), a low taxation environment and low political interference. Zambia is in possession of some of the world's highest-grade copper deposits.
Jun 10, 2019· Among the several taxes that the mining companies are supposed to pay in Zambia, some of the few are Customs and Excise Duty, Value Added Tax (though refunded) and Income Tax. A combination of these and other taxes are what constitute a taxation regime for mining companies in Zambia.
The MMDA deals with mining rights, licences, large-scale mining in Zambia, gemstone mining, health and safety, environmental protection, and geological services on analysis, royalties and charges. Other pieces of legislation, other than the Mines and Minerals Development Act, include: the Mines Acquisition (Special Provisions) Act, Chapter 218 ...
The mining sector both locally and internationally has been marred in activities of tax avoidance especially in developing countries like Zambia. The multinational mining companies we have in Zambia engageing activities such as transfer pricing, under declaration of production volumes, abuse of interest on debt payments and abusing hedging ...
Zambia's Chamber of Mines had warned last month up to 7,000 direct and 14,000 indirect jobs were at risk if the tax increases were implemented from January. Zambia had proposed changes in its 2019 ...
2 The evolution of copper tax regimes in Zambia Zambia's development has been characterized by shifting approaches to the management of copper mining. The mining tax reform that took place in 2008 is one of several distinct shifts in Zambia's mining tax regimes since the beginning of large-scale commercial copper mining in the 1920s.
Corporate Tax Exporters of copper and cobalt are levied 35% of taxable income whereas other mineral and 'non-traditional' commodities (i.e. excluding copper and cobalt) attract a levy of 15%. Companies listed on the Lusaka Stock Exchange are levied at 30% of taxable income. You might be interested to read something about Zambia Mining Website.
"Zambia has a record of mistiming mining booms, and thereby squandering its mining endowment." Mateyo said an urgent rethink of mining tax policy was required to place the industry on a growth footing for the future, while "not reducing the export duty makes it difficult for capital to enter the country."
Mining for Zambia is an industry website aimed at promoting a better understanding of the Zambian mining industry. It highlights key industry issues, and shares information about mining and its contribution to the economy and society. All the content, except for external news items, is free for use.
With effect from 1 January 2015 open cast and underground mining operations are exempt from corporate income tax, but will be subject to a final 8% mining royalty in respect of underground mining operations and a 20% mining royalty in respect of open cast mining operations. Zambia has already doubled mineral royalties to the 2014 rate of 6% in ...
argues that, "collecting more tax revenue in Zambia especially from the mining sector will require the ZRA to employ more staff with experience". R. Liebenthal (Personal Communication, November 21, .
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